Polaris Bank, renowned as Nigeria’s foremost digital retail bank, has officially become part of the Pan-African Payment and Settlement System (PAPSS), ushering in a new era of cross-border financial facilitation for its customers.
The integration with PAPPS signifies a significant leap forward for Polaris Bank, empowering its clientele to seamlessly execute trade and payments across Africa with unprecedented ease and security.
Ayo Adesanya, the Group Head of Global Trade Business at Polaris Bank, highlighted the strategic importance of the PAPPS launch, emphasizing the Bank’s unwavering dedication to simplifying processes through innovative solutions for its customers.
Adesanya expounded on the unique features embedded within PAPPS, emphasizing the platform’s capacity to streamline transactions, offering merchants and regional traders a user-friendly avenue to initiate and track cross-border payments efficiently.
“The introduction of this payment gateway provides a centralized mechanism for managing transactions and simplifies multiple currency exchanges, effectively mitigating currency risks and lowering associated costs, thereby benefiting our customers’ overall financial performance,” Adesanya elaborated.
Furthermore, PAPPS is designed with robust compliance and security measures, ensuring the safeguarding of sensitive financial data and adherence to international regulations during transactions, bolstering confidence in its secure execution.
The Group Head underscored the transformative impact of Polaris Bank’s affiliation with PAPPS, developed by AfreximBank. The move is poised to revolutionize international trade by simplifying payment processes, reducing risks, and amplifying efficiency, thereby empowering businesses to explore new prospects within the continent’s marketplace.
Polaris Bank’s recognition as the Digital Bank of the Year in 2021, 2022, and 2023 by Business Day’s Banks and Other Financial Institutions (BAFI) Awards, along with its accolades as the Best MSME Bank of the Year in 2022 and 2023, reflects its commitment to leveraging technology for holistic support to the MSME sector.